Today I want to highlight one of the dividend picks from the Dividends Forever portfolio. This is a handpicked portfolio of dividend stocks that I think will produce solid dividends and also share growth.
If you’d like to learn more about Dividends Forever, then please click here.
The highlighted pick this week has had an amazing 2024.
Iron Mountain (IRM) is supposed to be a slow, boring stock that pays a nice yield over time. The company itself is one of those sleepy companies that are necessary, valuable, and almost always completely ignored.
What does IRM do? Officially, Iron Mountain is “a global leader in information management services” that was founded in 1951 and used by more than 240,000 customers worldwide. As the company says, “Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data.”
In short, IRM wants to help customers protect their stored digital and physical assets and allow clients to utilize that stored data with speed and safety.
As I said, the company has been doing this a long time, since 1951, and they literally store important documents in a mountain.
It’s where customers go to keep their private stuff safe.
Historically, IRM has been a slow and steady mover. It’s been a safe place to put money in good or bad times because it has a moat and it’s not going anywhere.
But it’s never really been an exciting stock.
Until this year.
IRM started off the year at $69.90 and then it took off, reaching a high of $130 in late October.
That’s about an 85% gain!
And that’s not even including the dividends.
Why has it gone crazy?
Several reasons.
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